Weekly mortgage rates dipped in Freddie Mac‘s (FRE) latest survey of data through October 1. The average 30-year fixed-rate mortgage (FRM) had a 4.94% interest rate with an average 0.7 point, down 10bps from 5.04% last week. The 15-year FRM averaged 4.36% with an average 0.6 point, down 10bps from 4.46% last week. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.42% with an average 0.6 point this week, down from 4.51% last week. The one-year FRM averaged 4.49% with an average 0.5 point this week, also down from 4.52% last week. A separate rate survey conducted by Bankrate.com of major US banks and thrifts indicated rates fell for a fifth week, dipping to their lowest levels since spring. The 30-year FRM slipped 11bps to 5.25%, while the benchmark 15-year FRM fell 10bps to 4.65% this week, according to Bankrate. “This is as good a time as any to refinance because Uncle Sam will make it more difficult and more expensive to refi in a few months,” said Bankrate’s Holden Lewis in weekly commentary. Write to Diana Golobay.
Weekly 30-Year Mortgage Rate Falls to 4.94%: Freddie
Most Popular Articles
Latest Articles
Opinion: Reformed FHA program will offer lenders new business opportunities
Demand for home-only financing of manufactured homes is strong, and changes from the FHA and Ginnie Mae could help open an untapped market for lenders, write housing policy experts Jim Gray and Rachel Siegel.